Crypto.com, a leading cryptocurrency exchange, has announced that it will be shutting down its institutional exchange in the United States. The move comes as the cryptocurrency market has been facing a period of volatility and uncertainty.
In a statement, Crypto.com said that the decision to close its institutional exchange was made after careful consideration. The company said that the current market conditions have made it difficult to attract and retain institutional clients.
“We recently made a business decision to suspend the institutional offering of the Crypto.com Exchange in the U.S. as of 11:59pm EDT June 21, 2023, due to limited demand from institutions in the U.S. in the current market landscape,” the company said. “Impacted institutional users were given advance notice to support a smooth transition.”
The closure of Crypto.com’s institutional exchange is the latest sign of trouble in the cryptocurrency market. In recent months, the market has been rocked by a number of high-profile hacks and scams. The price of Bitcoin, the world’s largest cryptocurrency, has also fallen sharply from its all-time high of over $68,000 in November 2021.
The closure of Crypto.com’s institutional exchange is a blow to the company’s ambitions to become a major player in the cryptocurrency market. The company has been spending heavily on marketing and advertising, and it has signed a number of high-profile sponsorship deals, including a deal to rename the Staples Center in Los Angeles as the Crypto.com Arena.
However, the company’s aggressive growth strategy has also come at a cost. Crypto.com reported a net loss of $400 million in the first quarter of 2023. The company has also been criticized for its high fees and complex trading platform.
The closure of Crypto.com’s institutional exchange is a reminder of the risks associated with investing in cryptocurrencies. The market is still in its early stages, and it is subject to high levels of volatility. Investors should carefully consider the risks before investing in cryptocurrencies.
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